Colgate, which is known for its dental-care products, is looking to expand its presence in the high-margin personal care business and had acquired skin-care brands PCA Skin and EltaMD in 2017.

The Filorga transaction will be financed with a combination of debt and cash and is currently expected to close in the third quarter, Colgate said, adding that the deal is expected to have no impact on its diluted earnings per share in 2019.